Texas service sector activity “accelerated sharply in May,” according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index soared to 22.8 from 14.7.
The employment index climbed to 16.6 from 15.9, the part-time employment index increased to 5.6 from 3.7, the hours worked index rose to 10.4 from 8.0, the wages and benefits index slid to 22.6 from 23.5, the input prices index grew to 32.0 from 27.9, the selling prices index decreased to 15.4 from 19.2, its highest level in over 10 years, the capital expenditures index crept to 18.4 from 17.7, the general business activity index rose to 18.5 from 14.5.
The future revenue index grew to 50.9 from 48.6, the employment index rose to 30.9 from 29.1, the part-time employment index decreased to 13.2 from 14.8, the hours worked index climbed to 14.4 from 13.3, the wages and benefits index gained to 50.6 from 49.4, the input prices index rose to 47.3 from 45.9, the selling prices index increased to 36.7 from 34.5, the capital expenditures index inched up to 26.9 from 26.8, the general business activity index rose to 25.7 from 24.7.
